4 Tips to Protect Your Cryptocurrencies

The popularity of cryptocurrencies has been increasing due to its user-friendly features. Since the invention of Bitcoin in 2009, the cryptocurrency market has grown to 209 billion USD. Its immense popularity has also alerted hackers, and scammers to lining their pockets. From phishing scams to wallet keys being hacked, there’re a number of security threats a user has to combat. If you are a crypto holder, or a naive person who’s going to conquer the realm of crypto, this article is a guide to securing your digital assets, and prevent you from falling into any unfortunate trap in future.

• Use Cold Wallet

Cold wallet is a physical device that generates and secures your private key. It mitigates the chance of online robbery, as compared to hot wallet, as it doesn’t make contact with an internet device all the time, and it’s the most secure wallet out there. You can connect it with your device at the time of transaction, and can keep it safe. Since it is not directly connected to the internet,your assets remain safe in it from online malwares, and hackers. By cross QR scanning of cold and hot wallet, the identification, and profile of the user is double checked, which enhances the security of cryptocurrencies.

• Avoid Public WiFi

Public wifi seems like a freebie, but it’s like a shared playground. The little mobile data we save using public wifi makes our data vulnerable,and insecure. Financial transactions via public Wifi are nothing less than courting disaster. Research shows that 34% of adults showed willingness to watch 3 mins ads to gain free Wifi. Public Wifi while transaction of your cryptocurrencies, because information of private keys of wallets remains unencrypted, and you can be a potential victim of illegal hacking.

• Utilize 2FA

Two factor authentication is a must-have when you’re dealing with online finances because of cybersecurity. 2FA adds an extra layer to your security system as people always need encrypted messages to secure the information like ‘’open sesame’’ from Arabian tale. If anyone tries to fool around with your wallet keys, 2FA can’t let the hacker access data, as an additional passcode will be required to get your hands on it.

• Diversify Your Portfolio

As they said ‘don’t rely on one horse’, this advice particularly needs to be acted upon when managing finance especially online.

Don’t put all your assets in a single wallet, instead, diversify your portfolio for the safe side. Just in case you get caught in an unpleasant happening of online robbery, this precautionary measure will save you from being bankrupt.

Bottom Line

Cryptocurrency is secure to use, but it’s one step away from being unsafe if it’s handled carelessly. Always incorporate 2FA , and utilize a cold wallet to safely hold your digital funds. Keep yourself updated with the latest information, and don’t trust anyone with your private key information, because you never know who’ll turn into a brutus.